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Large Square Footage Moves Chicago Luxury Condos in March

One of the (many) great things about luxury condos in Chicago is that these properties often live more like a single-family home than they do an apartment. Much of this is due to the ample space, as luxury units can boast the same or even much more square footage than a home in the ‘burbs.

That was the case we saw in March, where the top luxury condo sales were those with generous space. The most expensive sale of the month was a luxury co-op, with 4,500 square feet and selling for $3.35 million.

The market for Chicago luxury real estate is continuing to hum, with 33 luxury condos sold for a total of $50.8 million (note: I refer to luxury real estate as properties that sold for $1 million or more). Seven of those properties sold were priced over $2 million.

Here’s are details on the top 5 Chicago luxury condos to sell in March, in descending order.

1430 N Lake Shore Dr, Unit 17Original list price: $3.65 millionSold price: $3.35 million
As if a Lake Shore Drive address wasn’t exquisite enough on its own, this pet-friendly co-op unit just underwent a stunning renovation by a renowned Chicago design firm. The 4 bedroom, 4 bath home spans 4,500 square feet with a grand living space, gourmet kitchen, paneled library, office and a new home theater. Its location on the 17th floor means panoramic views of Lake Michigan. Impeccable workmanship went into the interior, including Bisazza tile baths, electronic shades, a lighting control system and custom built-ins.

118 E Erie St, Unit 22AOriginal list price: $2,874,386Sold price: $2,440,000
This is a familiar address on each month’s list of most-expensive home sales: The Ritz-Carlton Residences. With 40 stories, 89 residences and a coveted location right off of the Magnificent Mile, the building itself has plenty to offer. But the service and amenities truly make it stand apart from the rest. For one, there is five-star service from Ritz-Carlton Hotel-trained staff. And residents here can take full advantage of the private Landmark Club, which features a grand salon, dining rooms, a staffed bar, a staff chef, wine storage, movie theater, and state-of-the-art athletic and spa facilities.

1325 N Astor St, Unit 5Original list price: $2.5 millionSold price: $2.375 million
Astor Street is one of Chicago’s most desirable blocks. This 4,000+ square foot full-floor condo boasts a grand living room, formal dining room with lake views and a brand new kitchen loaded with upgrades. Three generously sized bedrooms include ensuite bathrooms, with plenty of natural light flooding ever room. It’s also one of only two units in this building that includes private outdoor space.

1325 N Astor St, Unit 7Original list price: $2.45 millionSold price: $2.35 million
This is the second luxury condo in this boutique Gold Coast building to sell in March, and both are among the top 5. This full-floor unit has been elegantly renovated to showcase its grand formal rooms, including a foyer with terrazzo floor and barrel vault ceiling. It also features a library with fireplace and wet bar, dining room with wine and china storage and a large eat-in kitchen with lux appliances from SubZero, Thermador and Miele. Generous rooms (3 bedrooms, with the 4th opened up as a family room with built-ins) span more than 4,200 square feet.

60 E Monroe, Unit 6602Original list price: $2.222 millionSold price: $2.2 million
The Legacy at Millennium Park is home to downtown Chicago condos that put you in the heart of all of the city’s offerings. An architecturally significant building in itself, the units are elegantly finished with high-end appliances, dramatic lake, park and city views and amenities like sky decks, resident lounges, steam rooms, 24-hour door service and a concierge.

Many Chicago Real Estate Buyers Paying Cash
Even as the Chicago real estate market thrives, cash is still king when it comes to getting a great deal. There are still a good number of instances in which Chicago homebuyers are making purchases with cash. Three out of these top five sold for cash, which no doubt contributed to these buyers negotiating a deal below the asking price.

If you’re considering buying a Chicago condo, contact me to take a closer look at some of the city’s most coveted buildings and see what’s on the market now. Call me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

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ABOUT SHELDON

Sheldon arrived at Dream Town with more than 25 successful years in Chicago real estate. With a focus on luxury properties, Sheldon has sold condominiums, lofts and single family homes ranging from $1 to $5 million, many built by Chicago’s most prestigious developers and architects ... Read more